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Financial News: Norway Trade Balance Swings To Deficit In May

Norway Trade Balance Swings To Deficit In May

06/15/2020 - 07:33:00 (RTTNews)

(RTTNews) - Norway's trade balance swung to a deficit in May, amid a fall in both exports and imports, data from Statistics Norway showed on Monday.

The trade balance registered a deficit of NOK 1.161 billion in May versus a surplus of NOK 8.855 billion in the same month last year. In April, the trade surplus was NOK 3.631 billion.

Exports dropped 26.0 percent year-on-year in May and decreased 4.8 percent from a month ago.

Imports fell 14.5 percent annually in May and increased 3.5 percent from the previous month.

The mainland trade deficit grew to NOK 24.795 billion in May from NOK 20.693 billion in the previous month. In the same month last year, trade deficit was NOK 25.285 billion.

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